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TMI Blog2017 (12) TMI 1596X X X X Extracts X X X X X X X X Extracts X X X X ..... that the interest income of the petitioner is not liable to tax. In the said view of the matter, according to me, the petitioner is entitled to an absolute stay in the matter. Writ petition is allowed. The impugned order is modified granting the petitioner absolute stay for realisation of the amount covered - W.P.(C).No.38566 of 2017 - - - Dated:- 21-12-2017 - MR. JUSTICE P.B.SURESH KUMAR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with an application for stay. The application for stay preferred by the petitioner in the appeal has now been disposed of by the second respondent as per Ext.P6 order, staying realisation of 50% of the tax demand, pending disposal of the appeal. Ext.P6 order is under challenge in the writ petition. 2. Heard the learned counsel for the petitioner as also the learned Standing Counsel for the res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 80P(2) (d) of the Act. The second respondent accepted the case of the petitioner that they are entitled to deduction under Section 80 P (2) (a) (i) of the Act and rejected the case set up by them as regards the interest income. It is on that basis, the demand was stayed to the extent of 50%. 4. It appears prima facie to this Court, in the light of the provision contained in Section 80 P ..... X X X X Extracts X X X X X X X X Extracts X X X X
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